Dow Jones continues to advance of US inflation data 13/9/2022

The Dow Jones Industrial Average jumped yesterday, achieving noticeable gains in the New York Stock Exchange within the bullish trend, as we expected, surpassing the official target of 32,320, recording its highest level at 32,504.

Technically, the index’s price has broken the resistance level of 32,320 and turned it into a support level. However, we also find that the RSI continues defending the daily bullish trend in short periods.

We tend to be positive, but with caution, provided that we witness consolidation in the index’s price above the level of 32,420, and this is a catalyst that increases the chances of continuing the rise to visit 32,560, taking into account that the breach to the level of 32,560 extends the gains so that we are waiting for touching 32,710, as long as the price is stable above 32,320 and most importantly 32,280 .

The decline below 32,280 will postpone the chances of rising and put the index price under negative pressure to retest 32,190.

Note: US inflation data is due out today through CPI, it has a big impact, and we may see price swings.

Note: Trading on CFDs involves risks. Therefore, all scenarios may be possible. This article is not a recommendation to buy or sell but rather an explanatory reading of the price movement on the chart.

S1: 32190	R1: 32560
S2: 31980	R2: 32710
S3: 31830	R3: 32920